Bury-based fashion retailer Bank goes into administration

Bank, which is based in Edinburgh House, Pilsworth, operates 84 stores, primarily in the midlands, north of England and Scotland, and was part of JD Sports Fashion until November.

Deloitte was appointed as administrator today after a review of the business determined that a solvent turnaround would not be possible.

All stores are open as normal and no redundancies have been made while Deloitte considers potential interest in the business from several parties.

The Bank stores in The Rock and the Mill Gate Centre are still currently open.

Bill Dawson, a partner in Deloitte's restructuring services practice, said: "Bank has struggled in a highly competitive segment of the retail industry and has been loss-making for a number of years.

"A review of the business has determined that a solvent turnaround would not be possible and so its director has sought the appointment of Joint Administrators.

"All stores are open as normal, staff have been paid and additional sale discounts will be implemented later this week.

"The company has already been approached by several parties who have expressed an interest in the business and the administrators are trading as a going concern with a view to progressing these options and seeking further interested parties for some or all of the business."

Bank was founded by Andy Scott, a former Macclesfield Town footballer, in 1994 and largely sells branded fashion items aimed at the youth market.

JD bought the chain from private equity owners Phoenix Equity Partners and management for £18.5 million in 2007.

In November it disposed of the business to a subsidiary of HMV owner Hilco, a retail turnaround business, under terms which were not disclosed.

JD's fashion division, which includes the more successful Scotts brand, recently slumped to a half-year loss of £8.2 million despite continued efforts to revive Bank, including through the appointment of a new management team.